Ofo given a further $1bn by investors

by CyclingTips

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Dockless rental bike company Ofo has received a boost to its plans to continue its expansion into the US and Europe, receiving an additional $1 billion in investments. The boost in venture capital follows on from the £541m it raised in July.

The Financial Times states that the existing investors are behind the latest cash injection. The company has thus far peppered Chinese cities with 10 million bikes and, by the end of 2017, hopes to have double that in 200 cities across 20 counties.